Cryptos: Bitcoin tumbles 10% to hit lowest level in nearly 4 weeks

Cryptocurrency prices are trading sharply lower on Thursday, with most major coins showing double-digit declines.

In Thursday trading a single bitcoin,

BTCUSD, -0.37%

the largest cryptocurrency, was fetching $3,637.10, down 9.2% since Wednesday’s level at 5 p.m. Eastern Time on the Kraken crypto exchange. The cryptocurrency traded to an intraday low at $3,577, its lowest level since Dec. 18.

The broad-based selloff has erased more than $15 billion off the total value of all digital currencies, which currency stands at $122.6 billion, according to data from CoinMarketCap.

“After a positive start to 2019 with prices drifting gently higher, selling returned with a bang to the cryptocurrency space, backed by a sizable pickup in volume. Double-digit losses were recorded in some coins, while Ripple (the XRP coin) overtook Ether to become the second-largest token by market capitalization,” wrote Nick Cawley, analyst at Daily FX.

“The selling was accompanied by heavy turnover — just under $20 billion — normally a bearish sign, especially after the quiet market conditions this week to date. The cryptocurrency market as a whole lost just under $9 billion in one hour.”